Home renovations blog: Getting sustainable at home

By the resi financial blog team, 21 January 2015

Sustainable living isn't a trend anymore - it's here to stay. As the nation, and most of the world, realises the need to protect natural resources and reduce harm to the planet, green living and building has become more and more affordable.

When renovating your home, it could be wise to consider making room in your refinancing or home loan for some solar panels or other energy-efficient installations.

Reducing your reliance on the national power grid is not only great for the environment, but the effect on your power bill will add up over time. According to YourHome , an energy efficient home will save more per year than the annualised capital costs of the improvements.

The most cost effective improvement YourHome reported was installing an efficient hot water service. Although it has the highest initial cost out of the components assessed in their study it produced the highest long-term savings.

However, to truly make economic sense out of going green, make sure you are tapping into all of the government funding available to you.

According to the Your Energy Savings, a service by the Department of Industry and Science, there are at least 33 rebates available across Australia that are designed to help you save on your energy costs through sustainable practices.

Many of the rebates available are provided by state governments for electricity feed-in. That is, they will pay you for excess power generated by photovoltaic solar panel that is fed back into the power grid.

There are also grants and rebates that can help you with installing water-saving products or energy efficient air conditioning, depending on the state you live in. Make sure to check with your local government to see how you can save when renovating for a more sustainable future.

While the government can help you reduce the cost of energy-efficient installations, a renovation home loan can take care of the rest. Talk to a resi loan specialist today to find out more about how to finance your next project.